Any business that seeks to grow rapidly needs to have the right tools in place to support that growth. Subscription businesses in particular need an accounting solution that can handle the complexities of reporting on recurring revenue, one that can help speed their month-end close by automating key processes, creating efficiencies, and reducing errors from having to utilize manual processes.
Xero is one such solution that many subscription businesses use to streamline their accounting functions, and it’s particularly well-suited for this task. This is because Xero has an extremely flexible API, well-designed user interface, and a focus on enabling merchants to get up and running quickly—aspects that set Recurly apart as well!
Xero also has a number of powerful ERP capabilities but without the high setup costs and timelines that larger, more complicated systems often require.
Recurly is pleased to announce a new integration with Xero. This integration will provide a number of benefits to our customers:
Speed month-end close, by Integrating invoices, credit memos, payments, and refunds. Quickly calculate accounts receivable. Reconcile cash balances with Xero’s connection to bank systems. Take the pain out of revenue recognition by using Recurly's revenue recognition tool to create monthly journal entries.
Reduce time spent on manual processes. Before automation, many merchants spend many hours every month closing their books and manually transferring balances. They often do this in Excel which is adequate for early-stage companies, but as a businesses grows, this process become inefficient and increasingly untenable.
Go global. Xero is one of the most robust accounting systems on the market today, with tools that support international e-commerce, such as tax and reporting capabilities. Combined with Recurly’s support for multiple currencies, subscription businesses that use Xero are better enabled to sell across the globe and report their revenue accurately.
Through this integration, Recurly customers have access to yet another best-in-class application for subscription billing and accounting. Recurly + Xero supports our customers’ growth by giving them the ability to accelerate their month-end close and automate key accounting processes to create efficiencies and improve accuracy. In short, this integration will help our customers run their businesses more efficiently and with improved compliance.
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The value of Recurly is that we no longer have to worry about the different aspects of subscription management. Instead, we can focus on things that are our core competency, like adding value to our service and expanding our offering. That’s been a huge win for us.